Q38PGB_3 聽Journalizing transactions, pos... [FREE SOLUTION]

Chapter 2: Q38PGB_3 (page 110)

Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance
The trial balance of Shawn Merry, CPA, is dated March 31, 2018: During April, the business completed the following transactions:
Cash 17,000
Office Supplies 1,200
Accounts Receivable 10,500
Land 29,000
Furniture 0
Automobile 0
Accounts Payable 3,800
Unearned Revenue 0
Common Stock 46,200
Dividends 0
Rent Expense 1,000
Salaries Expense 2,500
Service Revenue 11,200
Total Balance $ 61,200 61,200
During April, the business completed the following transactions:
Apr. 4 Collected $6,000 cash from a client on account.
8 Performed tax services for a client on account, $5,500.
13 Paid $3,300 on account.
14 Purchased furniture on account, $4,000.
15 Menning contributed his personal automobile to the business in exchange for common stock. The automobile had a market value of $11,500.
18 Purchased office supplies on account, $1,600.
19 Received $2,750 for tax services performed on April 8.
20 Paid cash dividends of $7,500.
21 Received $4,900 cash for consulting work completed.
24 Received $2,500 cash for accounting services to be completed next month.
27 Paid office rent, $900.
28 Paid employee salary, $1,200.
Requirements 2. Open the four-column ledger accounts listed in the trial balance, together with their balances as of March 31. Use the following account numbers: Cash, 11; Accounts Receivable, 12; Office Supplies, 13; Land, 14; Furniture, 15; Automobile, 16; Accounts Payable, 21; Unearned Revenue, 22; Common Stock, 31; Dividends, 33; Service Revenue, 41; Salaries Expense, 51; and Rent Expense, 52.

Expert verified

The unearned revenue is the amount received for services not yet paid and required four-column accounts are prepared.

The unearned revenue is defined as the revenue for which the amount is received and the services are not yet provided.

Accounts Receivables Account Number 鈥� 12
					Balance
Date	Item	PR	Debit	Credit	Debit	Credit
					$10,500
Apr 4	Cash			$6,000	$4,500
8	Service Revenue		$5,500		$10,000
19	Cash			$2,750	$7,250

Office Supplies Account Number - 13
					Balance
Date	Item	PR	Debit	Credit	Debit	Credit
					$1,200
Apr 18	Accounts Payable		$1,600		$2,800

Accounts Payable Account Number - 21
					Balance
Date	Item	PR	Debit	Credit	Debit	Credit
						$3,800
Apr 13	Cash		$3,300			$500
14	Furniture			$4,000		$4,000
18	Office Supplies			$1,600		$5,600

Unearned Revenue Account Number 鈥� 22
					Balance
Date	Item	PR	Debit	Credit	Debit	Credit
						$0
Apr 24	cash			$2,500		$2,500

Common Stock Account Number 鈥� 31
					Balance
Date	Item	PR	Debit	Credit	Debit	Credit
						$46,200
Apr 15	Automobile			$11,500		$57,700

Service Revenue Account Number 鈥� 41
					Balance
Date	Item	PR	Debit	Credit	Debit	Credit
						$11,200
Apr 8	Accounts Receivables			$5,500		$16,700
Apr 21	Cash			$4,900		$21,600

Salaries Expense Account Number 鈥� 51
					Balance
Date	Item	PR	Debit	Credit	Debit	Credit
					$2,500
Apr 28	Cash		$1,200		$3,700

Rent Expense Account Number 鈥� 52
					Balance
Date	Item	PR	Debit	Credit	Debit	Credit
					$1,000
Apr 27	Cash		$900		$1,900

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